The second part of the contract that you need to understand is your responsibility as an owner. This part of the contract defines what you have to do by signing the contract and what you prevented from doing. Professional managers often have professional certifications, such as. B the name certified Property Manager assigned by the Institute for Immobilienmanagement, and have joined competent professional associations such as the National Association of Real Property Managers. Part of the property management contract will be standard with all agencies, as defined by the government at the state level. The other part is written by your property manager and formalizes areas such as prices and fees, termination conditions, inspections and so on. The contract must also have a termination directive stating why and when the company has the right to terminate the contract and when the owner can terminate the contract. Is payment necessary if a contract is terminated before the renewal date? How much notification is required? The Columbia Real Estate Commission website provides a tool to search for licensed real estate managers. To obtain a real estate management license in the District of Columbia, the applicant must be able to read, write and understand English; The Commission`s review is successful; Be a high school graduate or equivalent graduate last year, the licence was not refused and no prior licence has been suspended or revoked in the past three years. A license for real estate agents is not strictly necessary, but every licensed real estate agent in the district also meets the licensing requirements as a real estate manager. The property management contract should have a provision that the lessor designates the property manager and his real estate agents as additional policyholders as part of the lessor`s liability insurance for the leased and managed property.
The most important part of your agreement is to understand what you are going to pay. For some types of features, it may be helpful to define a level or type of service to be expected from the manager. For example, if the property is a Class A or luxury property, this level of service must be indicated in the agreement. If you`ve advertised a price that seems too good to be true, then maybe you just get a spectacular offer – or, you don`t know, some extra property management fees that probably appear on the line. You are looking for a contract that does not require a reason to terminate the contract. You also want a clause where you can terminate the contract without penalty if the management company does not find a customer within a specified time frame.